Comments on: Charles Schwab YieldPlus Fund Lawsuits

By: William

William — Wed, 16 Dec 2009 21:10:48 +0000

Schwab, through its one of its agents led me to believe that my investment in the Schwab Yield Plus Fund was safe and a good place in which to invest my money for earnings. It trusted Schwab. That was a huge mistake. ]
To date, I lost half of my investment. Were I to opt out now
I would guarantee that my loss is permanent.
A short while ago I spoke to a representative of the Glardi law firm in California and was informed that at present they do not know whether of not there is enough evidence to go forward with a class action against Schwab. Big disappointment

By: Rick

Rick — Mon, 09 Mar 2009 05:10:10 +0000

What a massive rip-off! I asked to put my money into a MM fund and was told by the rep that YieldPlus was just as safe with slightly more yield. This was egregious misrepresentation! Please send information on what type of suit I can file. I’m furious about this subject!

By: steve

steve — Wed, 21 Jan 2009 17:47:29 +0000

I too was parking funds in an ultra-safe “money-market equivalent” until I had a chance to safely diversify this money into stocks. I smelled something rotten in Denmark (or Phoenix) and called in early 2008 to ask about sub-prime exposure . . . it was described as minimal, less than 5%. We all know this wasn’t true. I barely escaped at 20% down, avoiding the additional 20% that it went down within a short time of my withdrawal. I lost around $30K.

I’m convinced the class action is not the way to go but since this seems kind of cut and dry I’m considering filing my own FINRA arb and basically using the material in the class action to support my complaint.

Any comments from other Yield Plus victims?

By: Rick

Rick — Wed, 14 Jan 2009 04:12:24 +0000

What a rip-off! What mismanagement! People investing safe money in what was repeatedly described as the next thing to a money-market fund. It will a travesty if “talk to Chuck” does not reimburse good folks for the thousands of dollars lost per person. I’m furious and I won’t give up!

By: john

john — Sat, 20 Sep 2008 15:08:43 +0000

I invested in the yield plus because the prospectus offered more yield with only “slightty” more risk. By the time I sold in Feb 2008, I had lost over $36,000.

By: victoria

victoria — Thu, 19 Jun 2008 15:35:11 +0000

I lost over $100,000.00 in the Schwab Yield Plus Fund. I was told that although my return would be low, my money was safe while we continued to diversify my portfolio. I was lead to believe I would not lose any of the principle. At one time over 50% of my total retirement portfolio was in this fund (recommended by Charles Schwab). My husband and I worked for over 35 years to build our retirement portfolio, and to be mislead by Charles Schwab investors like this is total fraud. Why would anyone trust Charles Schwab as their financial institution after this misleading and devastating advice? Why has the public not heard about this through the national news? I am retired and I feel as though people who are looking for an investment company should know about this situation and the extent of loss incurred by Schwab’s misrepresentation. I am sure many people would not trust Charles Schwab with their hard earned money. I talked to “Chuck” and he lied!!!!!!!!!!

By: pat

pat — Thu, 05 Jun 2008 23:34:58 +0000

Lost much more than the above resonses. Felt this was a money market equivalent safe fund.

By: curt

curt — Wed, 21 May 2008 11:59:03 +0000

Lost $30,000 in Schwab Yeild Plus. Was told by Schwab Broker in the Middle of August 2007 that this fund had no sub prime risk. If I had known, I would have changed funds.

By: Charles Schwab Yield Plus Settlement offer - Financial Fraud Lawsuits | Legal News & Updates Blog - Saiontz, Kirk & Miles

Fri, 02 May 2008 15:46:22 +0000

[...] is reporting that Charles Schwab is attempting to offer only pennies on the dollar to settle Schwab YieldPlus lawsuits being pursued by investors who lost money as a result of their investment in the bond fund. The [...]

By: Schwab YieldPlus Problems - Other bond funds may be impacted | Legal News & Updates Blog - Saiontz, Kirk & Miles

Mon, 21 Apr 2008 17:17:29 +0000

[...] lawyers at Saiontz, Kirk & Miles, P.A. represent investors who are pursuing Schwab YieldPlus lawsuits and Morgan Keegan lawsuits to recover losses suffered as a result of the fund managers’ [...]

By: Austin Kirk

Austin Kirk — Wed, 16 Apr 2008 15:01:11 +0000

For any investment losses in excess of $10,000, an individual Charles Schwab lawsuit should be considered. Our lawyers are providing free consultations and claim evaluations to help investors determine if they may be entitled to recover investment losses. If a case is pursued, there are no fees or expenses charged unless a recovery is obtained. To review a potential claim, call (800) 522-0102 or request a claim evaluation on-line.

By: Dennis

Dennis — Mon, 14 Apr 2008 14:24:49 +0000

I joined the Schwab Private Client in late 2004. Shortly after Schwab converted my Value Advantage funds to Yield Plus. After loosing 20% they converted them back to Value Advantage!!

My loss was probably around $40,000. Is a personal lawsuit better than the class action? What would a suite cost me?

Thanks,
Dennis

By: Schwab YieldPlus Select Losses Recoverable - Charles Schwab Lawsuits | Legal News & Updates Blog - Saiontz, Kirk & Miles

Thu, 10 Apr 2008 12:38:32 +0000

[...] financial fraud lawyers at Saiontz, Kirk & Miles, P.A. are reviewing potential Schwab Yield Plus Select lawsuits as a result of omissions and misleading statements made by the brokerage, which prevented investors [...]

By: william

william — Thu, 03 Apr 2008 14:35:00 +0000

I purchased just over $100,000 of the above fund in May of 2003, prior to when you indicate the fund was first offered. I was told it was a safe investment similar to a money market from which the funds where taken from. This is from my wife’s IRA.